Chapter 3 Review - General Business

A society's culture has a strong influence on business activities. Which of these is an example of a CULTURAL influence?

A trade barrier, such as a tariff, is a restriction to free trade.

Items bought from other countries are called _____________.

A ____________ is the right to use a company name or business in a specific way.

A limit that a government places on the quantity of a product may be exported or imported during a given time period.

A negative or unfavorable balance of payments occurs when a country sends out more money than it brings in.

It is possible for a country to have a trade surplus in one country and a trade deficit with another.

A country in which a multinational company conducts business activities is called the

Without foreign trade, all of the items we would buy would cost less for us to buy.

The difference between a country's total exports and total imports is called the

The making, buying, and selling of goods and services within a country is called

Selling the right to use some intangible property for a fee or royalty is called

A tax that a government places on certain imported products is called a(n)

Licensing has a low financial investment, so the potential financial return is often low.

A nation with a trade surplus is said to have a favorable trade position.

Goods and services sold to other countries are called ___________________.

Some countries limit the amount of money their citizens can take out of the country when they travel.

The United States conducts trade with more than _____________ countries.

The situation in which a country specializes in the production of a good or service is called _______________ advantage.

For purposes of international trade, all nations of the world use the same currency.

Which international trade organization was created in 1944 to provide loans for rebuilding after World War II?

Which of these has an absolute advantage in coffee production?

The difference between the amount of money that comes into a country and the amount that goes out is called the

A ____________ company is an organization that does business in several countries.

Foreign ___________ is the amount of money a country owes to other countries.

If a nation imports more than it exports, it has a trade ________________.

_________________ rates are the cost of using someone else's money.